BSC Q2 earnings soar 268%

The earnings per share (EPS) of the Bangladesh Shipping Corporation (BSC), a state-run ocean-going vessel management company, saw a rise of 268 per cent in the second quarter of the current fiscal year.

Its earnings per share stood at Tk 3.94 from October through December 2021, up from Tk 1.08 recorded a year earlier.

The company’s EPS stood at Tk 8.28 for July-December, 2021, which was Tk 1.66 in the same period a year ago, according to the company’s board meeting held on Wednesday.

During the same period, BSC’s net asset value per share (NAV) increased to Tk 68.56 as of December 31, 2021.

On Wednesday, its share price gained 4.90 per cent to Tk 143.4 on the Dhaka Stock Exchange.

Its share price rose 190 percent in just two months.

Currently, the BSC repairs vessels in a more timely manner and does not require the employment of foreign companies as much, thanks to the up-gradation of its marine workshop. As a result, the company’s repair costs were reduced and service revenue increased, said EBL Securities in a note.

The BSC is planning to purchase two 80,000 tonnage mother bulk carriers to transport coal. For lighterage from the mother vessels, two more bulk carriers will also be bought, with a capacity ranging from 10,000-15,000 tons.

As Bangladesh's government's LNG imports increase, the BSC has already planned to purchase two 140,000 cm (cubic meter) vessels, two 174,000 cm, and two 180,000 cm capacity LNG vessels.